Figures just released by Nationwide show that UK house prices increased by 0.4% in July taking the average price of a house to £195,621, up from £195,055 in June.
This increase takes house price inflation to 3.5%, which is close to the historic pace of earnings growth of around 4%.
Together with the increase in mortgage lending reported in June, this shows that the UK housing market is continuing its period of steady growth.
Nationwide has announced that changes in stamp duty have also taken effect, with homebuyers paying £275m less tax in the first six months of the year than they would have done under the old rules.
Homeowners in Surrey have made the greatest savings however this has been offset by the fact that average house prices in our region are substantially higher than the UK average.
According to Zoopla, the average asking price for properties on the market in Surrey is £694,861 - an increase of £7,127 compared to one year ago, with all signs pointing towards continuing price rises.
Simon Kelso, Director at Seymours in Worplesdon, comments: “With the number of people looking for properties exceeding the number of properties for sale, this increase in house prices isn't surprising. We are constantly seeing new properties that enter the market generate huge interest, which is great news if you are looking to sell. However it makes it an extremely competitive market for buyers as they need to act fast in order to arrange a property viewing before it’s snapped up.
“Our advice for those looking to make their next move is to keep in regular contact with their local Seymours branch, which can keep you updated with properties as soon as they come on to the market.”
For contact details of your local Seymours office click here.